Kandi Technologies Reports JV’s Receipt of RMB 876 Million (USD 127.7 Million) New Energy Vehicle Subsidy from Chinese National Government

2019-6-26 13:13:50 （Page Views：392）

Jinhua, China--(June 25, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), a joint venture between Kandi and Geely Group, Ltd. has received a national subsidy payment of RMB 876 million (approximately USD 127.7 million) from the Chinese government for sales of new energy vehicles (“EV”), consisting of RMB 742.8 million (approximately USD 108.3 million) for pure EV sales during 2015 and 2016, and RMB 133.4 million (approximately USD 19.4 million) for partial EV sales in 2017.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “The arrival of this subsidy payment marks another major milestone for Kandi’s development, and, we will maintain this momentum as we strive to grow our business to maximize returns in the near future.”